Overview Edit

The current rules amended in 1999 by the Financial Crimes Enforcement Network revised the regulatory definitions of certain non-bank financial institutions for purposes of the Bank Secrecy Act (BSA) and grouped the definitions into a separate category of financial institution called money services businesses (or MSBs). A business that meets one or more of the definitions of a type of MSB (as currently defined) is an MSB and must comply with BSA requirements applicable to it as an MSB, as a financial institution and as a specific type of MSB.

The capacities in which a business might be acting that could bring it within the definition of an MSB are:

Product or Service (Capacity/Type of MSB)

  • Money Orders (Issuer of money orders)
    • Seller of money orders
    • Redeemer of money orders
  • Traveler's Checks (Issuer of traveler's checks)
    • Seller of traveler's checks
    • Redeemer of traveler's checks
  • Money Transmission (Money transmitter)
  • Check Cashing (Check casher)
  • Currency Exchange (Dealer in foreign exchange)
  • Currency Dealing (Dealer in foreign exchange)
  • Prepaid Access (Provider of Prepaid Access) (Seller of Prepaid Access)

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